Sportradar Group NASDAQ: SRAD reported first-quarter 2026 revenue growth and reiterated its full-year outlook, while executives used the company’s earnings call to push back against what CEO Carsten Koerl described as “self-interested reports published by known short sellers.” Management also highlighted continued integration of IMG ARENA rights, expanding streaming and product initiatives, and increasing focus on prediction markets.
Management addresses short-seller allegations, compliance, and share repurchases
Koerl opened the call by rejecting “unfounded and misinformed allegations” raised in recent reports, saying the company places “integrity, transparency, professionalism at the heart of everything we do.” He said Sportradar has maintained regulatory licenses globally for 25 years and pointed investors to a Form 6-K filed “that speaks to our strong compliance and KYC framework.”
On customer exposure, Koerl said the company “do[es] not work with black market operators” and that for gray markets the company “only work[s] with licensed operators,” supported by a compliance team and a “very rigid KYC process.” Discussing estimated exposure, Koerl characterized it as “a low-to mid-single-digit number,” and said the range management referenced was “5%-13%.”
In response to questions about B2B distributors and sublicensing, Koerl said some partners may syndicate content and in some cases the company may not be aware. He added that Sportradar acts when issues are identified, citing “one case in 2023” where content was exposed in Iran and “we shutted it down immediately.” Koerl also said Sportradar experiences data piracy and scraping, adding that much of what is targeted involves live match trackers that provide scores and related information.
Koerl said Sportradar repurchased about $90 million of shares in the first quarter, bringing total repurchases “since inception of the program through last week” to about $228 million. The company also announced a “250 million enhanced open market repurchase program” under its previously authorized $1 billion plan. Koerl said he intends to personally purchase $10 million in shares when the trading window opens.
Q1 results: revenue up 11%, adjusted EBITDA margin at 19%
For the first quarter, Sportradar reported revenue of EUR 347 million, up 11% year-over-year, and adjusted EBITDA of EUR 66 million, also up 12% year-over-year, with a 19% margin. Koerl said free cash flow conversion expanded to 67% in the quarter.
CFO Craig Felenstein said revenue growth would have been 16% on a constant-currency basis, noting foreign exchange headwinds—particularly the U.S. dollar relative to the euro—also affected results. He said U.S. revenue rose 4% on a reported basis but would have increased about 17% on a constant-currency basis.
By product grouping, Felenstein said betting technology and solutions revenue was EUR 288 million, up 15%, led by a 20% increase in betting and gaming content. Managed Trading Services (MTS) revenue was “down slightly” as higher turnover was offset by unfavorable sporting outcomes, with February European soccer cited as a key driver. Sports content, technology and services revenue was EUR 59 million, down 4%, which Felenstein attributed primarily to reduced marketing campaign spending and FX headwinds, partially offset by media upsells and increased Integrity Services contributions tied to expanding league partnerships.
On the bottom line, Sportradar posted a net loss of EUR 6 million versus a profit of EUR 24 million a year earlier. Felenstein said the change was driven predominantly by “unrecognized foreign currency losses of EUR 9 million” associated mainly with U.S.-dollar-denominated sports rights, compared with a EUR 28 million gain in the prior-year period.
IMG integration, streaming growth, and operating efficiency
Executives emphasized momentum from integrating IMG ARENA rights. Koerl said demand has been strong, with “more than 75% of our core betting clients now consuming IMG content, including all tier one operators.” He added that among clients that were not previously IMG customers, “nearly 60% are now purchasing IMG content from us,” pointing to an expanded partnership with Hard Rock Bet that includes official content from the PGA Tour and UFC.
Felenstein said Sportradar expects to “exceed[] the 25% synergy target we discussed last quarter” related to IMG. He also said the acquisition has been margin accretive as the company scales and realizes cost synergies across engineering, scouting, audiovisual production, and personnel.
Koerl also highlighted streaming expansion: Sportradar streamed more than 525,000 matches last year and expects to stream “over 700,000” matches in 2026.
On costs, Felenstein said sports rights expense rose 18% year-over-year to EUR 122 million due primarily to the addition of IMG, while emphasizing that major rights deals are “locked in long-term,” providing visibility. Adjusted personnel expenses increased 5% to EUR 84 million, which he said was largely due to IMG headcount, and declined as a percentage of revenue by 144 basis points. Adjusted purchase services rose 5% to EUR 46 million, and adjusted other operating expenses increased 16% to EUR 28 million, both driven mainly by IMG-related costs.
Felenstein said Sportradar has initiated steps to streamline operations and expects restructuring charges of EUR 13 million to EUR 18 million during the remainder of the year, which he said should drive additional operating leverage.
PlayRadar launch and prediction markets ramp expected in the back half
Koerl said the company recently launched PlayRadar, described as a dedicated iGaming brand designed to extend Sportradar’s sports data expertise into hybrid products blending sports betting and iGaming. He said PlayRadar is already live across Latin America, including Brazil, and that Sportradar anticipates launching in several European markets—“including the U.K., Greece, Sweden, and Denmark”—as well as “several U.S. states and Canada” over the remainder of the year.
Prediction markets were a major topic in prepared remarks and Q&A. Koerl said Sportradar views prediction markets as a “significant opportunity” that can expand the U.S. total addressable market by opening new states, attracting new demographics, and increasing engagement. He said the company is in “active commercial discussion” with prediction market participants for official data and products tied to leagues including MLB, NHL, MLS, and UFC. Koerl said he expects agreements to be announced “soon,” while emphasizing the company is being deliberate to “maximize economics.”
Felenstein told analysts that guidance now reflects more contribution from prediction markets than when the company spoke after its fourth-quarter results, though the full-year outlook remains unchanged. He said Sportradar has “really good sight lines” on prediction market revenue opportunity “predominantly back half of the year.” In response to UBS, Felenstein said anything announced in the short term is “pretty much” assumed to be included in estimates, while items completed later could be additive.
Reaffirmed 2026 outlook, FX headwinds expected to ease after Q2
Sportradar reaffirmed its 2026 outlook, calling for constant-currency revenue growth of 23% to 25%, which at current FX rates is expected to translate to reported revenue of EUR 1.56 billion to EUR 1.58 billion. The company reiterated expectations for adjusted EBITDA growth of 34% to 37% on a constant-currency basis, or EUR 390 million to EUR 400 million reported, implying approximately 200 to 225 basis points of margin expansion.
Felenstein said Sportradar expects the strongest revenue growth in the second and third quarters due to timing of sporting events and inclusion of IMG content. He also said FX headwinds should remain “material” in the second quarter but “for the most part…shake itself out after the second quarter,” as the company laps a weaker U.S. dollar in the second half.
On the balance sheet, Sportradar ended the quarter with EUR 322 million in cash and cash equivalents and no debt outstanding. Free cash flow was EUR 44 million, up 38% year-over-year, and the company said cash declined EUR 44 million from year-end 2025 primarily due to the EUR 90 million in share repurchases during the quarter.
About Sportradar Group NASDAQ: SRAD
Sportradar Group is a global leader in digital sports data and content, delivering real-time statistics, analytics and sports betting solutions to clients across the gaming, media and sports federation sectors. The company aggregates and processes live data from more than 800,000 sporting events each year, providing feeds for pre-match and in-play odds, visualization tools and managed trading services. Its products also include integrity services, which monitor betting markets for irregularities and help sports organizations safeguard competition outcomes.
Founded in 2001 and headquartered in St.
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